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Comminsure Total and Permanent Disability Cover

ComminsureIf you become too sick or injured to ever work again, the financial pressure from a loss of income will be just one more unnecessary burden. Total and Permanent Disability (TPD) Cover can help take the pressure off by providing a lump sum payment of up to $5 million if you’re diagnosed with a permanent medical condition that prevents you from working and earning an income. This lump sum payment could be used to keep up with the costs of living, such as paying the mortgage, helping pay for your children’s education, paying for medical and rehabilitation costs, or even updating your home to accommodate for your new lifestyle requirements.

TPD Cover can also be purchased by stay-at-home individuals, and the lump sum can be used to cover the costs of hiring housekeeping assistance or childcare.

Comminsure TPD Cover is available to those who are employed full-time or part-time outside the home for at least 20-hours per week.

What types of cover can I choose from?

Comminsure offers two types of cover. The difference lies in their respective definitions of a permanent disability and their premiums.

‘Any Occupation’:

This definition means that you will be eligible for cover if you become unable to work in any sort of occupation. While this makes your premiums much more affordable in the short-term in comparison to the ‘Own Occupation’ option, it means that your cover is much narrower.

‘Own Occupation’:

This type of cover makes it easier for insurance holders to claim a benefit. If you were to hold Comminsure TPD Cover under the ‘Own Occupation’ definition, you could make a claim if you were unable to work in your previous occupation, even if you could work in any other capacity.

How this works:

For example, if a surgeon permanently damages their hand and is no longer able to perform surgery, under the ‘any occupation’ definition of disablement they would not receive a payout. This is because they would still be fit to work as a university lecturer. However, if they were covered under the ‘Own Occupation’ definition, they would receive a payout, as they can no longer perform they regular duties as a surgeon.

TPD Cover can be purchased as a stand-alone product, but is also offered through several product combinations.

If you have multiple covers, such as Life Care, and want a cheaper premium, connecting your TPD Cover with your Life Care cover is another option. This is called Rider cover. However, if your TPD cover is the Rider cover, when a benefit is paid under the TPD cover, the Life Care is reduced by the amount paid.

Another option to consider is Flexi-linking. With Flexi-linking, you can bundle insurance covers inside and outside of your super policies for more savings on premiums and policy fees.

What’s included?
  

  • Death Benefit:
    If you die before you’ve made a claim on your TPD Cover, Comminsure will pay your nominated beneficiaries a total of $10,000.
      
  • Financial Planning Benefit:
    Comminsure will pay up to $5000 to cover the costs of seeking financial advice after you make a claim on your cover.
      
  • Accommodation Benefit:
    If you’re away from your usual home and confined to bed, Comminsure will pay up to $350 per day to help cover the costs for a family member who needs to be near by to take care of you.
      
  • Loyalty Bonus Benefit:
    After the fifth year anniversary of holding your TPD cover, Comminsure will increase a payment of the TPD Cover benefit by 5% at no extra cost to you.
      
  • Indexation:
    To make sure your cover is just as valuable as it was the day you took it out, Comminsure will update your benefit amount to keep in line with fluctuations in the Consumer Price Index (CPI).
      

Want to see how Commsinsure TPD Cover measures up? You can compare Comminsure’s premiums with other policy providers through our free quote service.

Page last updated: February 26, 2014